BUSINESS THEME 1 KEY TERMS

    Cards (203)

    • What is a brand?
      A symbol, logo, or design that distinguishes a product
    • How does a brand distinguish a product?
      By using a unique design, logo, or symbol
    • What is competition in business?
      The rivalry among sellers to achieve goals
    • What is a competitive market?
      A market with many rivals selling similar products
    • What defines a competitor?
      A rival business in the same market
    • What is direct competition?
      Businesses producing similar products for the same customers
    • What characterizes a dynamic market?
      A market subject to rapid and continuous change
    • What is indirect competition?
      Different businesses competing for the same customer experience
    • What is innovation in business?
      The creation and implementation of new products or services
    • What is a market?
      A place where buyers and sellers interact
    • What does market growth refer to?
      An increase in demand or sales for a product
    • How is market share defined?
      The percentage of the total market a business holds
    • What is market size?
      The total amount of sales or customers in a market
    • What is a mass market?
      A large unsegmented market with mass appeal products
    • What is a niche market?
      A specialized area of the market for specific needs
    • What is online retailing?
      Selling goods and services on the internet
    • What is product innovation?
      The development of products not previously available
    • How is sales volume calculated?
      Sales revenue divided by selling price
    • What does uncertainty refer to in business?
      The inability to predict future events and outcomes
    • What are biased questions?
      Questions that do not reflect true audience views
    • What is consumer behaviour?
      How consumers make decisions about products
    • What are databases?
      An organized collection of data stored electronically
    • What is a face-to-face survey?
      A research method with direct communication with respondents
    • What is a focus group?
      A group discussing feedback for market research
    • What is government data?
      Publications that businesses can use for research
    • What is interview bias?
      When the interviewer's opinion affects responses
    • What is market orientation?
      Products based on customer needs and wants
    • What are market reports?
      Documents containing information and statistics
    • What is market research?
      Gathering and analyzing information about products
    • What is market segmentation?
      Dividing a market into customer groups with similarities
    • What are market segments?
      Identifiable groups sharing characteristics or needs
    • What are observations in market research?
      Watching customer behavior to gather data
    • What is primary market research?
      Data obtained firsthand to meet business needs
    • What is product orientation?
      Prioritizing product design over customer preferences
    • What is qualitative research?
      Market research on opinions and beliefs of consumers
    • What is quantitative research data?
      Numerical information that can be analyzed graphically
    • What is respondent bias?
      When respondents answer inaccurately for any reason
    • What is a sample in market research?
      A small group representing a total market
    • What is secondary market research?
      Data collected by another organization for use
    • What is segmentation?
      Dividing the market into groups with common characteristics
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